Activist investor Politan Capital said it won two seats on the board of the $6bn medical device company Masimo on Thursday, the latest twist in a gruelling two-year boardroom battle that ranks among one of the costliest in history.
Masimo’s founder and chief executive Joe Kiani and another director lost their seats to two candidates put forward by activist investor Quentin Koffey, according to a preliminary vote count by Politan’s advisers.
“While each of us is independent and brings our own unique perspectives, we are united in our enthusiasm for Masimo’s future,” Politan’s four directors, who now control a majority, said in a statement.
Masimo declined to comment. Kiani, who founded the medical device company 35 years ago, is likely to step down as CEO.
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